Ginnie Mae President Alanna McCargo is set to retire next month, the U.S. Department of Housing and Urban Development (HUD) has announced.
McCargo, who was sworn in as the 18th president of Ginnie Mae in December 2021, will step down from her post on May 3. She is notable for being the first woman and the first woman of color to head Ginnie Mae, or officially, the Government National Mortgage Association.
Before being nominated by President Joe Biden to helm Ginnie, McCargo had served in the administration since January 2021, appointed as a senior advisor for housing finance for Marcia Fudge, then secretary of HUD.
Her career in housing started long before her entry into HUD; prior to her appointment, she was vice president of the Housing Finance Policy Center at the Urban Institute, focused on narrowing the racial homeownership gap and eliminating barriers to minority credit access. She also held leadership roles at the Mortgage Servicing Collaborative, CoreLogic, and JP Morgan Chase, and worked for a decade at Fannie Mae on secondary mortgage market and policy development.
“The past 3.5 years in public service with the Biden-Harris administration has been the most important and fulfilling work of my 25-year career in housing finance, and I am deeply grateful for the opportunity to serve my country and advance a bold housing agenda across the globe as president of Ginnie Mae,” McCargo said in a statement. “I am incredibly proud of what we have accomplished together and grateful for the housing leadership this Administration and agency have demonstrated since our first day in office.
“This has been a deeply personal decision to return to private life,” McCargo concluded.
Acting HUD Secretary Adrianne Todman, who replaced Fudge upon her resignation earlier this year, thanked McCargo for her service.
“In her time at the agency, she has been a zealous advocate for housing affordability and ensuring a more equitable housing finance system,” Todman said. “As President of Ginnie Mae, Alanna has helped expand Ginnie Mae’s reach in serving historically underserved communities and has been a champion for advancing market-driven initiatives that support mortgage programs across the government.
“It has been a joy to work with President McCargo. I am proud to say that she has left Ginnie Mae stronger than when she arrived, and her tenure sets a high standard for servant leadership.”
Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), likewise offered his gratitude for McCargo’s leadership, highlighting her work on affordable housing initiatives and improving the function of capital markets during her tenure.
“We commend President McCargo and her staff for their contributions on numerous issues, including supporting mortgage servicers in their commitment to helping struggling homeowners enter and exit COVID-19 forbearance programs, investing in technology to improve the experience for issuers, and enhancing liquidity for Ginnie Mae mortgage-backed securities,” he said.
